Did you know that approximately 20% of marketing data becomes inaccurate in just one year? Studies estimate that bad data costs companies an average of $15 million annually. So, how can you ensure the accuracy of your marketing data and make the most of it? The answer lies in data enhancement.
Understanding Data Enhancement
Data enhancement, also known as data append, involves verifying and completing your existing marketing data. It goes beyond data hygiene (simply cleaning out inaccurate data) by also adding and filling in missing information such as phone numbers, email addresses, and mailing addresses.
Benefits of Data Enhancement
Aside from cost savings, data enhancement offers several advantages:
- Maximized Internal Records: Filling in gaps in your current contacts and records makes it easier to understand and communicate with your current customers.
- Effective Marketing Campaigns: Enhanced data forms the basis of successful marketing campaigns, increasing their chances of success.
- Time Efficiency: Data enhancement reduces the time needed to nurture leads, providing comprehensive contact information from the start.
- Better Audience Understanding: Enriching your CRM with enhanced data offers insights into your audience, which helps with informed marketing decisions.
- Improved Customer Experience: Enhanced data allows you to communicate with customers through their preferred channels, enhancing your customer service.
How does Data Enhancement work?
Data enhancement is actually a pretty straightforward process. First, existing data (First-Party Data or a purchased list) is matched with additional databases to ensure accuracy. This can be done by a data provider, like us! Then, the cleaned data is cross-referenced with another list or database to add contact details like emails or phone numbers before returning the enhanced list to the owner.
Best Practices for Data Enhancement
Adopt these best practices for effective data enhancement:
- CRM Audits: Conduct a CRM audit to ensure the original data’s accuracy and relevance, aligning it with your marketing goals.
- Ongoing Data Hygiene: Maintain organized data to minimize the need for audits and gain a clear understanding of your data gaps.
- Team Expertise: Collaborate with a data provider offering a wide range of data types to ensure you have accurate and relevant information.
How can you use data enhancement in YOUR business?
Consider these practical applications of data enhancement:
- Customer Understanding: Use data enhancement to better understand your current customers, improving sales pipeline organization and targeting efficiency.
- Omnichannel Marketing: Enhanced data with multiple contact channels enables targeted multichannel marketing campaigns, which are statistically more effective than single-channel campaigns.
Incorporating data enhancement into your business strategy can lead to significant improvements in data quality and marketing effectiveness. Have you ever used data enhancement? If you have any questions about implementing it for your business, feel free to get in touch with our team.